Unicorn India partners with JRL to bring family businesses, HNIs to startup funding

The partnership comes at a time when the fund has also got a commitment from the India Aspiration Fund, a Rs 2,000-cr fund of funds launched by the government last year.ET Bureau | January 25, 2016, 08:08 IST

The partnership comes at a time when the venture fund has also got a commitment from the India Aspiration Fund, a Rs 2,000 crore fund of funds launched by the government of India, last year.

The India Aspiration Fund, which is being managed by the Small Industries Development Bank of India (Sidbi), has also invested in other early-stage, tech focused funds like Blume Ventures and IvyCap Ventures.

Founded by Anil Joshi and Bhaskar Majumdar, the fund announced its first close of Rs 40 crore earlier this month and plans on raising close to Rs 100 crore by June 2016. Unicorn plans to invest in the early stage in 30 companies over its tenure of seven years and will also participate in Series-A rounds.

As a part of its arrangement with JRL, the Mumbai based company’s managing director Manoj Laddha will join Unicorn as partner.

“Our group of investors range from HNIs to family businesses and brick-and-mortar companies. The challenge is to find a strategic fit between the old business and technology-focused new-age companies. The impact will be substantial in the times to come,” says Laddha.

He added that close to 70% of the funds will come from Indian investors. Hinting at the early closure of the fund, managing partner of Unicorn India Ventures, Anil Joshi added that the portfolio approach of the fund and the Startup India initiative of the government had given a boost to the asset class.

“The only other approach earlier was for the HNIs and family businesses to invest in startups was being a part of the angel network but this mitigates the risk,” said Joshi.